Patsystems, a UK-based supplier of software for trading on electronic derivatives exchanges, has appointed insurance industry technology executive Kevin Ashby as its new chief executive officer, taking over from interim CEO David Jones.
Ashby's appointment concludes a period of significant change within patsystems during which David Jones, formerly a non-executive director, was asked to become interim CEO. The company recently fought off a motion from disaffected former executives and shareholders to oust Jones and non-executive director Stewart Douglas-Mann, following a prolonged slump in the company's fortunes.
Ashby comes to patsystems from Wise, the e-commerce platform for the insurance markets formed from the merger of three industry-owned organisations, including Limnet, where Ashby had previously been chief executive.
The 44-year old Ashby has also been an IT partner for KPMG, and the director of IT at TDG plc. Prior to this he held several senior sales and marketing related positions with information technology companies, which included IBM.